Retirees flock to annuities as sales rise almost 40% year-on-year

Data from its retirement income market data showed annuity sales were up 38.7% in 2023/24, up from 59,163 in 2022/23. More than 80% of these were level annuities and about 66% were bought on a single life basis, according to analysis from Hargreaves Lansdown. Head of retirement analysis Helen Morrissey said sales had soared as retirees "rushed to make the most of surging incomes". "After years on the sidelines of the retirement income market, annuities are enjoying their time in the sun, as increasing interest rates pushed incomes skyward," she said. "We can expect this interest to...